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Over 41,000 Households Benefited from N5.3bn NG-CARES Programme — BOI

The Bank of Industry (BOI) has disclosed that over 41,000 households and companies have benefited from the Bank’s N5.3 billion COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme disbursements in four years.

Speaking on Thursday at NG-CARES Stakeholders Engagement Workshop for States and Partners, the Managing Director of BOI, Dr Olasupo Olusi said the initiative was to expand access to livelihood support, food security services, grants for poor and vulnerable households as well as firms.

The NG-CARES Programme is anchored on three Result Areas with eleven Disbursement Linked Indicators with options of selection by the States.

So far, about 28 states are currently in partnership with the Bank of Industry for the implementation of the initiative.

Represented by the Executive Director, Small and Medium Enterprises of the Bank, Mr Omar Shekarau, the MD said the bank is fully committed to ensuring that the programme continues to impact the Nigerian economy.

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“This partnership has assisted to disbursed N5.3bn to 41,000 beneficiaries” he stated.

Olusi noted that as the implementation of the programme moves to its second phase, the bank remains committed to giving critical partners the best and ensuring that Nigerians benefit from its intervention programmes.

He added that the bank has so far supported 4.4 million Micro Small Medium Enterprises (MSMEs) with N308 billion and created over nine million jobs in the country.

“We believe in the growth of MSME as a means to reduce poverty and boost economic growth in the country.

“We want you to take advantage of BOI state offices across the country so that we can continue to partner.
We have 32 offices nationwide. Before the end of the second quarter of 2024, we will be in all states of the federation. We want you to take advantage of the activities we do and engage us.

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“We will continue to partner, help entrepreneurs and our country. If Nigeria is developed, West Africa and Africa will be developed. Let us work together to ensure that.

“You may have been experiencing gaps in implementation, use this event to ensure that the gaps are closed. Take advantage of the workshop and earn knowledge.”

On his part, the Executive Director, Micro Enterprises Department, Mabel Ndagi said that the bank is currently in partnership with 28 partner states, adding that the programme has been very successful.

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The Chairman, Federal CARES Technical Committee, Aso Vakporaye, said the programme has been instrumental in reducing the level of poverty in the country.

“We must end poverty in Nigeria. If we don’t do this, insecurity will continue to be on the rise. We need to roll crime and poverty away from Nigeria.

“When we started this journey, it was like nothing would happen. It was not easy.

“We have done about four years now and we have done well. Soon, other African countries will start emulating us. With what BOI has put in place through this programme, the level of poverty will reduce drastically in the next five years”, Vakporaye said

Comrade James Ezema is a veteran journalist and media consultant. He is a political strategist. He can be reached on +2348035823617 via call or WhatsApp.

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